Is accepting lump-sum spousal support a good idea?

On Behalf of | Dec 23, 2021 | Family Law

If you stayed home to raise the kids while your soon-to-be ex-spouse worked, you may worry about your ability to support yourself after your marriage ends. Fortunately, like in other places, Illinois allows divorcing spouses to request spousal maintenance, sometimes called spousal support or alimony.

Choosing which type of spousal support to pursue is a decision you want to make with your attorney and financial advisors. Nevertheless, there are often some valid reasons for accepting a lump-sum payment when your divorce concludes.

Cutting your ex-spouse out of your life

Even if you have some fond memories from your marriage, you may want to forget your ex-spouse as quickly as possible. Receiving monthly support checks may give you a constant reminder of him or her, though. With a lump-sum buyout, you may never have to hear from your former husband or wife again.

Ensuring you receive payment

Even if you currently qualify for spousal maintenance, your ex-husband or -wife may not have the financial resources to pay forever. If you expect your ex-spouse may have a drop in income, accepting a lump-sum alimony payment while he or she has the money may make sense.

Allowing you to get on with your life

There is some possibility your spousal support will end when you remarry. If you already have a new love interest or simply want to begin dating, you probably do not want the risk of losing alimony to prevent you from walking down the aisle again. With lump-sum spousal maintenance, you can get on with your life.

Ultimately, regardless of whether you choose to seek a lump-sum alimony buyout or ongoing spousal support payments, you should be ready to fight for what you deserve.